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Declining Home Foreclosures Point to Continued Improvement for the Oregon Real Estate Market
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Location: EUGENE, OREGON
News Release
Nov. 9, 2009
Declining Home Foreclosures Point to Continued Improvement for the Oregon Real Estate Market
Preliminary data show a trend toward fewer homes headed to foreclosure during the month of October
Eugene, Ore. — Home foreclosures in the state of Oregon declined for the third straight month, based on preliminary numbers released by Eugene-based Gorilla Capital on Friday. Gorilla is the state’s largest purchaser of homes sold at foreclosure auction.
“Foreclosure numbers are continuing to trend downward, which is a sign the health of our state’s real estate market is improving,” said Gorilla CEO John Helmick. “As 2009 comes to a close, I think we can expect to see the number of homes entering the foreclosure process to steadily decline throughout Oregon with the exception of the Portland metropolitan market.”
The number of notices of default fell during October for the 15 Oregon counties in which Gorilla Capital tracks foreclosure rates. Preliminary numbers show a decline of 9 percent from September when a total of 1,319 notices of default were filed. A notice of default is the official beginning of the foreclosure process.
Gorilla’s Oregon Foreclosure Index (OFI) has decreased by 20 percent since July 2009 when the state’s foreclosure numbers reached record highs. The OFI is still 21 percent higher than it was a year ago, Helmick said.
Gorilla keeps detailed records on foreclosure statistics throughout the state, tracking thousands of properties each year. Numbers released by the company regarding the counties in which it operates reveal the following trends during the month of October:
- Linn, Coos and Jackson counties all saw increases in notices of default filings.
- 10 counties saw a decrease in notices of default.
- Two counties saw no significant change in the number of filings.
Gorilla’s OFI measures conditions in the foreclosure market for the 15 Oregon counties where Gorilla tracks foreclosure rates.
About Gorilla Capital
Gorilla Capital is Oregon’s largest purchaser of homes sold at foreclosure auctions. Operating in 15 Oregon counties as well as in the states of Idaho, Arizona and Florida, the company is based in Eugene, Ore. Gorilla Capital provides value pricing to homebuyers by offering carefully selected homes and pricing them at $20,000 less than comparable homes on the market. All homes come with a third-party, one-year warranty.
Gorilla Capital tracks, inspects, values, and reviews more than 30,000 foreclosure properties a year in order to find and acquire a few — one out of 150 — quality properties to offer homebuyers. Gorilla Capital provides options for buyers seeking the bargain prices of quality homes purchased at foreclosure auction. For more information, visit www.GorillaCapital.com, or phone (541) 344-7867.
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